(Sharecast News) - Spirent Communications said on Thursday that it continued to see customer order delays in the first quarter, as expected, as it posted a drop in revenues.
In the three months to the end of March, group revenue declined 20% on the same period a year earlier, which Spirent said was a "very strong" comparator.
Although the orderbook declined slightly from the record year-end position of $288m, it remains strong, Spirent said, "demonstrating the continual progress made by the group as it seeks to improve visibility and drive long-term, sustainable growth".
The group said its performance was in line with what it communicated in March, when it warned over customer purchasing decision delays, pinning the blame on "macroeconomic challenges".
"As expected, and consistent with wider industry dynamics, we have continued to see customer order delays but remain confident that customer momentum will pick up later in the year," it said.
"Our market drivers remain intact and we have seen an increase in our opportunity pipeline. During this period, we have also continued to stay close to our customers, understanding their needs to deliver the right solutions for them. Our expectations for the full year remain unchanged."
Spirent (SPT)